found online by Raymond
From Iron Knee at Political Irony:
I’ve talked to many different financial advisors in my time, and I have to say that most of them were more interested in selling me investments that would make them rich, than investments that would make me any money. The problem is commissions.
If a financial advisor talks to you for free, then you are the product. They have to make money somehow, and so selling you things that pay them high commissions is required. And an investment that pays advisors big commissions, by definition, is going to make less money for you. Often, no money at all. In fact, estimates say that bad advice from financial advisors costs retirement savers $17 billion every year.